MIRA
INFORM REPORT
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Report Date : |
24.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SONY DADC MANUFACTURING INDIA PRIVATE LIMITED [w.e.f. 24.06.1985] |
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Formerly Known As : |
SONY MUSIC ENTERTAINMENT INDIA PRIVATE LIMITED |
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Registered Office : |
A-445, Defence Colony, Delhi-110 024. |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
14.06.1996 |
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Com. Reg. No.: |
55-79657 |
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Capital
Investment / Paid-up Capital : |
Rs.1295.781 Millions |
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CIN No.: [Company
Identification No.] |
U74899DL1996PTC079657 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS21727G |
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PAN No.: [Permanent
Account No.] |
AACCS1614B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in music, games, software and film
industries. |
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No. of Employees
: |
60 [In Office] Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B (40) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 756000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Sony Group, Worldwide, a well reputed name in the
world electronics industry. Subject is passing through difficult times. Its
profitability is under severe pressure. It has huge accumulated losses, which
might take some time to be wiped-off, payment are reported as slow but
correct. In view of the strong promoters, the company can be considered normal
for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Sivaraman |
|
Designation : |
Director |
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Contact No.: |
91-22-61456800 |
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Date : |
22.08.2011 |
LOCATIONS
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Registered Office : |
A-445, Defence Colony, |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Sales Office: |
Plot No. C-106, TTC Industrial Area, MIDC, |
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Tel. No.: |
91-22-61456800 |
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Fax No.: |
91-22-61456802 |
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E-Mail : |
DIRECTORS
As on 31.10.2010
|
Name : |
Mr. Chirayath Kochappu Sunny |
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Designation : |
Director |
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Address : |
Row House No. 5, Shekinah Lokpuram, |
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Date of Birth/Age : |
03.04.1954 |
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Date of Appointment : |
22.11.2004 |
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DIN : |
00073725 |
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Name : |
Mr. Sivaraman Venkitaraman |
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Designation : |
Director |
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Address : |
26/101 Vrindavan, Road No. 2, L T Nagar, Goregaon, Mumbai – 400 062, |
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Date of Birth/Age : |
24.03.1965 |
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Date of Appointment : |
01.12.2004 |
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DIN : |
00073703 |
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Name : |
Mr. Daum Albert Dieter |
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Designation : |
Director |
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Address : |
Kellau 117, Kuchl-117, A-5431. |
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Date of Birth/Age : |
08.09.1952 |
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Date of Appointment : |
24.11.2007 |
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Name : |
Mr. Reiser Josef Christian |
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Designation : |
Director |
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Address : |
Duernbergstr 33, Seeham-5164. |
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Date of Birth/Age : |
23.03.1955 |
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Date of Appointment : |
24.11.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.10.2010
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Names of Shareholders |
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No. of Shares |
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Sony Music Entertainment Inc, |
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129578088 |
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Columbia Recording Corporation, |
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10 |
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Total |
|
129578098 |
As on 31.10.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in music, games, software and film
industries. |
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Products : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
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Installed
Capacity |
Actual
Production |
|
Cassettes |
Pcs. |
3600000 |
399860# |
|
Compact disc (CD) |
Pcs. |
16250000 |
17323971 |
|
Digital versatile disc (DVD) |
Pcs. |
7200000 |
5740415 |
Note: # Excludes cassettes re-conditioned and
repaired.
GENERAL INFORMATION
|
No. of Employees
: |
60 [In Office] Approximately |
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Bankers : |
Citi Bank, Mumbai, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, |
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Holding Company:
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
136,000,000 |
Equity Shares |
Rs.10/- each |
Rs.1360.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
129,578,098 |
Equity Shares |
Rs. 10/- each |
Rs.1295.781
Millions |
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|
|
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Note :
Of the above 129578088 shares are held by SCA
Music Holding (
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
1295.781 |
1295.781 |
1295.781 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[1106.767] |
(1068.765) |
(1093.076) |
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NETWORTH |
189.014 |
227.016 |
202.705 |
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LOAN FUNDS |
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|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
104.702 |
47.708 |
0.000 |
|
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TOTAL BORROWING |
104.702 |
47.708 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
293.716 |
274.724 |
202.705 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
140.083 |
45.332 |
57.102 |
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Capital work-in-progress |
0.000 |
86.053 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
9.883
|
15.468
|
11.414 |
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Sundry Debtors |
210.153
|
148.994
|
136.980 |
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Cash & Bank Balances |
3.354
|
3.432
|
37.446 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
39.827
|
40.286
|
9.047 |
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Total
Current Assets |
263.217
|
208.180
|
194.887 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
104.088
|
58.267
|
39.274 |
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Other Current Liabilities |
1.937
|
3.568
|
7.932 |
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Provisions |
3.559
|
3.006
|
2.078 |
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Total
Current Liabilities |
109.584
|
64.841
|
49.284 |
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Net Current Assets |
153.633
|
143.339
|
145.603 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
293.716 |
274.724 |
202.705 |
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PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
341.980 |
284.423 |
306.659 |
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Other Income |
5.733 |
2.708 |
4.600 |
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TOTAL (A) |
347.713 |
287.131 |
311.259 |
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Less |
EXPENSES |
|
|
|
|
|
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Material consumed |
94.164 |
89.726 |
107.469 |
|
|
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Purchase of traded items |
0.000 |
0.000 |
13.660 |
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|
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Manufacturing and other expenses |
253.663 |
158.765 |
129.588 |
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Increase or decrease in stocks |
0.913 |
1.777 |
2.130 |
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TOTAL (B) |
348.740 |
250.268 |
252.847 |
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Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
[1.027] |
36.862 |
58.412 |
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Less |
FINANCIAL
EXPENSES (D) |
10.334 |
0.121 |
0.000 |
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PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
[11.361] |
36.741 |
58.412 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.641 |
12.080 |
14.433 |
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PROFIT / LOSS
BEFORE TAX (E-F) (G) |
[38.002] |
24.661 |
43.979 |
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Less |
TAX (I) |
0.000 |
0.350 |
0.343 |
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PROFIT / LOSS
AFTER TAX (G-I) (J) |
[38.002] |
24.311 |
43.636 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1068.765) |
(1093.076) |
(1136.712) |
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BALANCE CARRIED
TO THE B/S |
(1106.767) |
(1068.765) |
(1093.076) |
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EARNINGS IN
FOREIGN CURRENCY |
0.129 |
2.363 |
NA |
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IMPORTS |
|
|
|
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|
Raw Materials |
32.036 |
49.713 |
43.577 |
|
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|
Capital Goods |
31.993 |
17.696 |
3.265 |
|
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TOTAL IMPORTS |
64.029 |
67.409 |
46.842 |
|
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|
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Earnings Per
Share (Rs.) |
[0.29] |
0.19 |
0.34 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover [Approximately] |
|
|
500.000 |
The above information has been parted by Mr. Sivaraman [Director]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[10.93]
|
8.47
|
14.02 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
[11.11]
|
8.67
|
14.34 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
[9.42]
|
9.73
|
17.45 |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.20]
|
0.11
|
0.22 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.13
|
0.49
|
0.24 |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.40
|
3.21
|
3.95 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CRDITORS:
Rs. In millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Micro and Small |
0.000
|
0.000
|
0.000
|
|
Others |
104.088
|
58.267
|
39.274
|
|
Total |
104.088
|
58.267
|
39.274
|
Trade References :
- Shemaroo
- Ault Disney
Note: The
registered office of the company has been shifted from F-6, Kailash Colony, New
Delhi-110048,
OPERATION OF THE
COMPANY:
During the financial year the company has sold 399860 units of
pre-recorded audio cassettes, 12323971 units of pre recorded CD’s and 5740415
units of pre recorded DVD’s . however, the however the performance and the
profit were below the expectations. During the year the company successfully
relocated its factory from its leased premises at Vikhroli to new leased
premises at Navi Mumbai. The company also commissioned stamper manufacturing
plant at its new factory
Contingent Liabilities
:
- Excise duty
on differential royalty under dispute Rs.14.355 millions
- Letter of
credit issued by the bank on behalf of the company Rs.3.031 millions
- Claim against
company not acknowledged as debt Rs.0.787 million
- Expired bank
guarantees pending cancellation Rs.2.885 millions. These are issued in
favor of various parties / president of
Fixed Assets:
- Leasehold
Improvements
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipments
- Computers
- Vehicles
AS PER WEBSITE
DETAILS:
PROFILE:
A truly global company, offering
futuristic products and services of top most quality. Founded in 1996 Sony DADC Manufacturing India
Private Limited is a 100% subsidiary of Sony Corporation.
R and D, product innovation and process perfection distinguish SONY group.
Subject is a recognized leader in providing full-service solutions for optical
media and pre-recorded audio cassettes. They can boast about a state of the art
Manufacturing plant, serving the world with the best optical media, adhering to
strict SONY quality norms!! They strive to offer superior quality with zero
defects. They also have a fully equipped in house Glass Mastering and Stamper
manufacturing facility, ensuring faster turn-around and prompt service.
They are also proud of being the only Optical Disc Manufacturing facility in
Thus, subject in coordination and alliance with 13 Sony factories worldwide is
indeed a One Window Solution Provider.
Their products meet the international standard norms and quality levels. The
manufacturing unit enjoys the engineering and technology support from Sony DADC
in
Sony DADC India is also an ISO
14001 certified company and the only Indian Replicator certified by IRMA
(CDSA).
History in dates
- 1980 -
Sony and Philips developed Compact Disc Digital Audio System
- 1982 -
Sony manufactured the world's first music CD in
- 1983 -
Sony DADC US Inc. was established in
- 1986 -
Sony DADC Austria AG was established in
- 1992 -
Establishment of Sony DADC Hongkong
- 1993 -
Sony Disc Technology Inc. was established to enhance optical disc
technologies
Establishment of Sony DADC
- 1994 -
Sony started to manufacture CD for PlayStation®
- 1997 -
Sony started to manufacture DVD
- 1999 -
Establishment of DADC
- 2000 –
Digital Works was established in Sony DADC Austria AG
- 2001 -
Establishment Sony DADC in
- 2004 -
Sony DADC started to manufacture UMD
Integration of distribution center of
- 2005 -
Sony Disc Technology Inc. was reorganized to Sony Disc & Digital
Solutions Inc.
- 2006 -
Sony started to manufacture Blu-ray Disc (BD)
Acquisition of production and distribution facility in
- 2008 - Acquisition
of distribution center in
- 2010 -
Sony Disc & Digital Solutions Inc. was renamed to Sony DADC
Corporation Foundation of Sony DADC Digital Services
Establishment of
- 2011 -
Start of manufacturing in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.68 |
|
|
1 |
Rs.75.29 |
|
Euro |
1 |
Rs.65.77 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
40 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.